That provision may be made for repealing sections 247 and 248 of the Income and Corporation Taxes Act 1988.

31 Provisional repayments

Resolved,

That provision may be made for section 438A of, and Schedule 19AB to, the Income and Corporation Taxes Act 1988 to cease to apply in relation to income tax borne by deduction.

32 Payments where return amended

Resolved,

That provision may be made about payments due as a result of the amendment of a return.

13 Mar 2001 : Column 934

33 Stamp duty reserve tax (unit trust schemes)

Resolved,

That--
(1) Schedule 19 to the Finance Act 1999 shall be amended as follows.
(2) In paragraph 2(4), after "6" there shall be inserted ", 6A".
(3) In paragraph 4, at the end there shall be inserted--
"(6) If a certificate is given in accordance with paragraph 6A(1)(c) in respect of a period which includes the relevant two-week period in the case of the unit in question in sub-paragraph (1), there shall be left out of account in applying this paragraph in relation to that unit--
(a) any issue of a unit which is to be held within an individual pension account, and
(b) any surrender of a unit which, immediately before the surrender, was held within an individual pension account.
(7) "Individual pension account" has the same meaning in sub-paragraph (6) as it has in paragraph 6A.".
(4) After paragraph 6 there shall be inserted--

"Exclusion of charge in case of individual pension accounts

6A.--(1) There is no charge to tax under this Part of this Schedule on the surrender of the unit if--

(a) immediately before the surrender, the unit is held within an individual pension account,
(b) not all the units under the unit trust scheme are so held at that time, and
(c) a certificate pursuant to sub-paragraph (2) is contained in, or provided with, the relevant monthly tax return.
(2) The certificate must be given by the persons making the relevant monthly tax return and must state--
(a) that at all times in the period to which the return relates the trustees or managers were able to identify which of the units under the scheme were held within individual pension accounts, and
(b) that at no time in that period have the trustees or managers imposed any charge on, or recovered any amount from, an IPA unit holder which included an amount directly or indirectly attributable to tax payable by the trustees under this Part of this Schedule.
(3) In sub-paragraph (2), "IPA unit holder" means--
(a) a person acquiring, or who has acquired, a unit under the unit trust scheme, where the unit is to be held within an individual pension account,
(b) a person holding a unit under the scheme, where the unit is held within an individual pension account, or
(c) a person surrendering, or who has surrendered, a unit under the scheme, where immediately before the surrender the unit is or was held within an individual pension account.
(4) In this paragraph--
"individual pension account" has the same meaning as in regulations under section 638A of the Taxes Act 1988 (as at 6th April 2001, see regulation 4 of the Personal Pension Schemes (Restriction on Discretion to Approve) (Permitted Investments) Regulations 2001);
"the relevant monthly tax return", in the case of any surrender, means the notice required by regulations under section 98 of the Finance Act 1986 to be given by the managers (or, failing that, the trustees) under the unit trust scheme to the Commissioners of Inland Revenue containing among other things details of all surrenders in the relevant two-week period;
"the relevant two-week period" has the meaning given by paragraph 4(2).".

13 Mar 2001 : Column 935

(5) The amendment made by paragraph (3) of this Resolution shall have effect where the relevant two-week period mentioned in paragraph 4(1) of Schedule 19 to the Finance Act 1999 ends after 6th April 2001.
(6) The other amendments made by this Resolution shall have effect in relation to surrenders made or effected on or after 6th April 2001.
And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.

34 Stamp duty reserve tax (open-ended investment companies)

Resolved,

That--
(1) Where there are two or more classes of shares in an open-ended investment company and the company's instrument of incorporation--
(a) provides that shares of one or more of those classes ("the IPA classes") may only be held within an individual pension account, and
(b) does not make such provision in relation to shares of at least one other class,
there is no charge to stamp duty reserve tax under Part II of Schedule 19 to the Finance Act 1999 on the surrender of a share of any of the IPA classes.
(2) References in this Resolution to provisions of Schedule 19 to the Finance Act 1999 are references to those provisions as they have effect in relation to open-ended investment companies by virtue of regulations from time to time in force under section 152 of the Finance Act 1995.
(3) In this Resolution--
"individual pension account" has the same meaning as it has in regulations from time to time in force under section 638A of the Income and Corporation Taxes Act 1988;
"open-ended investment company" has the meaning given by paragraph 14(2) of Schedule 19 to the Finance Act 1999;
"surrender", in relation to a share in an open-ended investment company, has the same meaning as it has in Part II of Schedule 19 to the Finance Act 1999.
(4) This Resolution shall have effect in relation to surrenders made or effected on or after 6th April 2001.
And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.

35 Petroleum revenue tax

Resolved,

That provision may be made for the purposes of petroleum revenue tax about--
(a) the expenditure allowable under section 3 of the Oil Taxation Act 1975; and
(b) the amounts allowable as unrelievable field losses.

36 Landfill tax (rate)

Motion made, and Question put,

That--
(1) In section 42(1)(a) and (2) of the Finance Act 1996, for "£11" there shall be substituted "£12".
(2) This Resolution has effect in relation to taxable disposals made, or treated as made, on or after 1st April 2001.
And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.